Friday, 24 March, 2023

IndusInd admits to disbursing 84k loans, blames tech glitch

<p>IndusInd Bank admitted to its micro-fin arm Bharat Financial Inclusion disbursing over 84K loans without customer consent. Blaming a tech glitch, IndusInd denied allegations of &quot;ever-greening&quot; loans. The whistleblower group claimed in multiple mails to RBI that the loans appeared more like a &quot;deliberate attempt to shore up repayments&quot;, not as &quot;process lapses&quot;. The bank said that ever-greening loans aren&#39;t feasible for its &#39;week on week&#39; loan repayment model.</p> <p>&nbsp;</p>